September 17: When the currency was depreciating rapidly, RBI tightened liquidity in the system, says Keki Mistry, Vice-Chairman and CEO at HDFC. “An unstable rupee will not attract money, so it is critical to encourage equity markets, which is still attractive for investors.” I think tightening should be reversed earlier rather than later, he says, adding that while rates are one thing, we need liquidity to be injected into the system.